The Department of Consumer and Business Services announced a 7.6 percent average reduction in pure premium beginning Jan. 1 based on a recommendation from NCCI.
That follows rate increases in both of the last two years, including 1.7 percent in 2013, and 1.9 percent in 2012. Officials noted that Oregon's workers' comp premium rates were lower than most states in a national ranking, with only 11 states and the District of Columbia having lower average rates in 2012.
"Oregon's focus on improving worker safety and getting injured workers treated and back on the job quickly makes a difference," said Patrick Allen, DCBS director. "And, we're starting to see medical cost control strategies pay off."
In addition to the change in pure premium, the department also announced its decisions on a premium assessment. State regulatory costs to administer worker's comp and workplace safety programs will be 6.2 percent of premiums for insured employers -- the same as in 2013.
An additional amount is paid by self-insured employers and self-insured employer groups that funds reserves to ensure claims are paid in the event of insolvencies. That will be 6.4 percent for self-insured employers, the same as in 2013, and 7.2 percent for self-insured employer groups -- an increase from the current 6.4 percent.
By Nancy Grover
Read more at the WorkersComp Forum homepage.
November 4, 2013
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